In Depth – Page 16
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Interviews
On the Record: How do you deal with underperformance?
Underperformance is acceptable up to a point
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FeaturesHow we run our money: Lancashire Pension Fund
Carlo Svaluto Moreolo asks Mike Jensen (pictured), CIO of the UK’s Lancashire Pension Fund, about the fund’s pooling venture and the need for better liability management in British local government pensions
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Interviews
Philippe Desfossés, CEO, ERAFP, France, On The Record
How do you deal with underperformance?
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Interviews
Alfredo Granata, CIO, INARCASSA, Italy, How do you deal with underperformance?
How do you deal with underperformance?
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Features
New ways to talk to your members
As European social welfare budgets come under pressure, persuading stakeholders of the need both to make retirement provision and to save towards it is becoming more crucial. Yet planning and funding a communications strategy to achieve this will be wasted if members neglect to read or simply ignore the literature. ...
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Features
Flaws in the holistic balance sheet
Wilfried Mulder and Peter Vlaar outline fundamental shortcomings in EIOPA’s holistic balance sheet approach
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Features
How we run our money: KZVK-VKPB
The two schemes are separate legal entities but are managed through a single fund and investment team, led by CIO Wolfram Gerdes
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Interviews
On the Record: Do you invest in long-term, illiquid assets?
Matching long-term cash flow to liabilities
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Interviews
On The Record: CERN Pension Fund Switzerland, Théodore Economou, CEO
As an investor, I focus on managing risk as well as return. Going forward, simply beating the index will no longer be enough, and that is why they will have to focus on risk-management in portfolio construction. At the same time, I believe it is important to look at the long-term cycle, as there is value added in identifying long-term risks and trends.
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Interviews
On The Record: Publica, Switzerland Stefan Beiner Head of asset management and deputy CEO
The major concern remains the low interest rate environment. We do not believe rates will increase as fast as in other cycles. The valuation on fixed income in general is rich, and equities are also valued on the high side, depending on the region. It is really difficult to hide right now. I am not that optimistic for the mid-term future, and therefore our internal expected returns are quite low for the next three years.
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Features
Briefing: The force of member power
IPE’s October Focus Group poll looked at the issue of engagement with members’ views. This month, we take the debate further by asking leading opinion formers how they see the issue of member power versus pension boards’ investment discretion.
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Features
Briefing: Pensions Accounting, Back to basics
The International Accounting Standards Board has revealed plans to issue a due process document on the future of pensions accounting. Stephen Bouvier asks where this might lead
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FeaturesHow we run our money: Hans de Ruiter, CIO of Pensioenfonds TNO
Having rationalised the fund’s portfolio, Hans de Ruiter, CIO of Pensioenfonds TNO tells Carlo Svaluto Moreolo about his fund’s positive attitude towards private equity and why he sees alternative credit as a first line of defence against challenging markets
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Interviews
On The Record: Veritas Pension Insurance Company, Finland, Niina Bergring CIO
The growth divergence between the US and Europe, and the different behaviours of the respective central banks, will simply mean two things: that the euro will be even weaker than it is, and that interest rates will be rigged for even longer in Europe than in the US.
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Features
How we run our money: In search of a future-proof ATP
Henrik Gade Jepsen, chief investment officer of ATP, tells Caroline Liinanki why he thinks the fund must adapt its portfolio structure
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Asset Class Reports
Time for some caution with this asset class
How do you invest in high-yield bonds and loans?
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Features
Avoiding the trap
The decision by the IFRS interpretations committee to re-examine its asset-ceiling guidance should serve to focus minds once again on how defined-benefit plan sponsors can address the danger of a trapped surplus. Stephen Bouvier explores the issues with two experts from Aon Hewitt’s UK practices
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Features
How we run our money - Prudent and dynamic
Miguel Branco, deputy director of Banco de Portugal pension fund, tells Carlo Svaluto Moreolo about his fund’s investment and risk strategy
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Features
Integrity matters
While they have been few in number, the various scandals at European pension funds have brought to light the need for clear and coherent codes of conduct for pension trustees and staff, writes Gail Moss
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Features
Blank canvas for Swedish banking fund
After a year and a half of deliberation, SPK’s new investment strategy is finally coming together. When the SEK24bn (€2.6bn) pension fund for saving bank employees moved into its new premises in central Stockholm at the beginning of the summer, it did so with a completely transformed investment portfolio.
